Yes it is a huge blow for the short term, if true. Even the Wallstreet Journal is reporting the closure of the exchanges. Even though we have seen no formal comms yet. Anyway look at it on the bright side: This is even more airtime for cryptos if the news is true. And with regards to Chinese trading: fewer pumps and dumps now ;)
Didnt expect this to happen though, with huge exchanges and mining farms, China was at the top of the list for cryptos. Now it would certainly loose this position to countries like south Korea and Japan.
As usual, enjoyed your article, cheers.